The Internal Revenue Service issued Tuesday a revised Fact Sheet and frequently asked questions on the 2021 child tax credit and advance child tax credit to help eligible families properly claim the credit when they prepare and file their 2021 tax return.
Tax expert Ed Slott of Ed Slott & Co. told ThinkAdvisor on Tuesday in an email that the child tax credit situation this year is “a mess! Some people may end up paying a tax pro more than the credit!”
Others, Slott said, “may still pay a tax pro only to end up returning money they already received. Advance payments can always be tricky when it’s time to reconcile.”
Author(s): Melanie Waddell
Publication Date: 1 Feb 2022
Publication Site: Think Advisor